As Earnings Season Begins, Lenders Should See Wins and Losses From Higher Rates

This will be seen with mortgages as J.P. Morgan Chase & Co. and Wells Fargo & Co. on Friday kick off second-quarter bank-earnings season. The recent spike in long-term yields is expected to cut into refinancing activity. Freddie Mac said the average rate on a 30-year, fixed-rate mortgage was 4.51% as of July 11, the highest in two years.